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Bridging
Finance England
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The bridging finance
England loan may be a cost-effective way to get you
through this tricky situation. When the timing just
isn't perfect between selling and buying, don't worry.
If you are caught in the gap between selling one home
and buying another, this type of advance may be just
right for you.
There are two types of these loans, the open loan and
the closed loan. The open loan helps you buy a home
before the sale of your current home is complete. A
closed bridging loan can help provide funds when both
contracts are complete but there is a delay in moving.
Both types of loans are similar in structure and
application process.
The idea behind bridging finance in England is that the
length of the loan will be short, usually averaging 6
months. This means that the bank loan is written so that
repayment is complete within this short amount of time.
While interest rates may be high, as long as you repay
the loan within the specified time period you will not
incur any additional charges. What you need to remember
is that there can be substantial penalty charges imposed
when you miss payments, or do not pay back the full loan
amount on time. To avoid these charges it is best to be
sure of the amount of money you need as well as the time
period for payback upfront, before you sign for the
loan.
The application and approval process to secure bridging
finance in England is usually short. You can usually
expect to be approved for the loan within a matter of
only a few days, sometimes less. Therefore, the loan can
be a very quick fix to a situation that may otherwise be
impossible to handle. Keep in mind that the more money
required to be financed, the longer the approval process
may take.
The requirements for this type of loan are that you be a
resident of the UK and be over 18 years old. After that,
be prepared to supply information about the homes or
property you are both selling and purchasing. An
appraisal may be required to ensure that the proper
financing is given; however, in most property
transactions this step has already been completed.
Bridging finance in England may also be used to provide
funds for short-term situations such as bill repayment
or holidays. A financial consultant can help you
determine if the open or closed loan is a good option
for you.
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| Who's Suited |
- Purchasing
property at auction.
- Property refurbishment or conversion.
- Chain breaking mortgages.
- Homeowners who have been or about to be repossessed.
- Funds required within days not months.
- Short-term finance for business purposes.
- Commercial property purchase and refinance. |
| Features |
- 100% LTV
Available.
-Market leading rates from 0.75%.
-1st charge or second charge equity release. |
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